Washington State Exam - Life & Disability Accurate 100%

Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made. The standard grace period shall be. A.) 45 Days B.) 15 Days C.) 30 Days D.) 60 days - ANSWER C.) 30 days Correct. Each policy of life insurance shall contain a provision that a grace period shall be allowed within which the payment of any premium after the first may be made. The standard grace period shall be 30 days. When determining whether an annuity is suitable for a client, the producer should ask about which of the following? A.) Trusts B.) Financial Objectives C.) Wills D.) Power of Attorney - ANSWER B.) Financial objectives Correct. When determining whether an annuity is suitable for a client, the producer should ask about financial objectives. Replacing an existing life insurance policy with a new one may result in A.) A surrender charge B.) Capital gains taxation C.) an illegal transaction D.) small business taxation - ANSWER A.) A surrender charge Correct. Replacing an existing life insurance policy with a new one may result in a surrender charge. As classified by the Affordable Care Act (ACA), a Silver Plan offers A.) 60% actuarial level of coverage provided B.) 70% actuarial level of coverage provided C.) 80% actuarial level of coverage provided D.) 90% actuarial level of coverage provided - ANSWER B.) 70% actuarial level of coverage provided Correct. As classified by the Affordable Care Act (ACA), a silver plan offers 70% actuarial level of coverage provided. A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured. A.) At time of policy delivery B.) After the insurer requests a full medical exam C.) When the insurer requests an attending physician's report D.) Prior to or at the time of signing the application - ANSWER D.) Prior to or at the time of signing the application Correct. A life insurance agent is required to give a disclosure notice about information practices to an applicant or proposed insured prior to or at the time of signing the application. Violations of US Code Title 18 section 1033, may result in A.) Cease and Desist Order B.) Suspension of Producers license C.) Loss of company appointments D.) Fine and/or imprisonment - ANSWER D.) Fine and/or imprisonment Corr